Title : Ecuador Breaks From OPEC
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Ecuador Breaks From OPEC
* Nation must boost production to raise revenue, minister says
* OPEC’s total compliance with deal sank to 6-month low in June
Ecuador has dealt a blow to OPEC unity by announcing it will start raising oil production this month, arguing it needs the money.
OPEC has for years cheated on its own agreements, particularly when oil prices fail to recover after an output cut. But Ecuador has taken the rare step of saying publicly it will increase production, making it impossible for the group to conceal the desertion.
The Latin American country won’t be able to meet its commitment to lower output by 26,000 barrels a day to 522,000 a day, as agreed with OPEC last year, Oil Minister Carlos Perez said in an interview with Teleamazonas late Monday.
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Update #1: OPEC's Ecuador says plans to gradually increase oil production (Daily Mail/Reuters)
Update #2: Ecuador risks schism in Opec by admitting pumping above target (Financial Times)
WNU Editor: Libya and Nigeria are not bounded by the OPEC agreement of limiting production .... and they are increasing their oil production for the same reasons as Ecuador's, they need money .... Oil Trades Near $46 as Libya's Crude Output Recovery Continues (Bloomberg).
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